B. P376,500 c. P390,000 d. P406,500 11. YSL Corporation acquired 80% of the outstanding ordinary shares of GBX Company on June 1, 2022 for P586,250. GBX Company's shareholder's equity components at the end of this year were as follows: Ordinary shares, P100 par, P250,000; Share premium, P112,500 and Retained earnings, P222,5000. NCI is measured at fair value. All the assets of GBX were fairly valued, except for inventories, which is overstated by P11,000 and equipment, which is understated by P15,000. Remaining useful life of equipment is 4 years. Both companies use straight line method for depreciation and amortization. Shareholder's equity of YSL on January 1, 2022 is composed of Ordinary shares, P750,000; Share premium, P175,000 and Retained earnings, P525,000. Fair value of NCI on the date of acquisition is P117,500. Goodwill, if any, should be written down by P14,225 at year end. Net income for the first year of parent and subsidiary are P75,000 and P42,500 (from date of acquisition), respectively. Dividends declared at the end of the year amounted to P20,000 and P15,000. There was no issuance of new shares during the year. What is the amount of non-controlling interest in net assets of GBX Company as of December 31, 2022? a. P145,167.50 b. P127.242.50 c. P121,917.50 d. P124,242.50

Hh1.

6. Thistle Limited has the following information at 31 December 20X5. • 1,000,000 common shares outstanding with the par value of $0.50. Net income for the year is $1,330,000. Net income attributable to equity holders of the company is $1,230,000. Net income attributable to non-controlling interest of the subsidiaries is $100,000. • Options of 500,000 shares with the exercise price of $3.25 per share. Convertible 10% bonds of $1,000,000 convertible in year 20X6 into 250,000 common shares. Convertible 8% preferred shares of $1 each totaling $1,000,000 convertible in year 20X7 at 1 common share for every 40 preferred shares. • Tax rate is 40%. Year-end market price per common share is $4.25. Average market price per common share is $4. a. Calculate basic earnings per share. b. Calculate diluted earnings per share by applying the procedure and sequential steps in the lecture note.